eBay Stock Jumps 6%: GMV Surges 15% as Secondhand Shopping Booms

eBay stock jumped about 6% in extended trading after the marketplace beat Wall Street on every headline number for the third quarter of 2026: revenue rose 14% to $3.2 billion, gross merchandise volume (GMV) surged 15% to $23.2 billion, and non-GAAP earnings of $1.51 per share topped the $1.43 consensus. The results, released after the close on Wednesday, October 28, show secondhand shopping — what eBay calls recommerce — powering the company's fastest growth in years.

What Happened: The Key Numbers

eBay reported results for the quarter ended September 30, 2026, and the headline figures beat both analyst estimates and the company's own guidance:

Revenue: $3.2 billion, up 14% year over year (13% on an FX-neutral basis), above the $3.12 billion consensus
GMV: $23.2 billion, up 15% (16% FX-neutral) — roughly $766 million above the high end of eBay's previous guidance
Non-GAAP EPS: $1.51, beating the $1.43 Zacks consensus by 5.6%; GAAP EPS was $1.11
Advertising: first-party ad products delivered $575 million, up 16%
Cash returns: $827 million back to shareholders in the quarter — $689 million of buybacks plus $138 million in dividends
Stock reaction: shares closed Wednesday at $118.02 and traded near $125.42 in extended hours, a gain of about 6.3%

Why It's Blowing Up

The story traders are sharing is simple: the secondhand economy is booming, and eBay is its biggest listed pure play. Collectibles remained the largest growth contributor, electronics gained momentum from computer hardware, gaming consoles and video games, and U.S. GMV grew 27% to $12.5 billion. eBay's sixth annual Recommerce Report, released in October, found 47% of consumers surveyed now buy secondhand goods at least monthly, up from 35% in 2025.

Two newer engines are doing heavy lifting. eBay Live, its livestream shopping format, delivered another record quarter, is running at a multibillion-dollar annualized GMV rate, and is still growing at a triple-digit pace across seven markets. And Q3 was the first quarter to include Depop, the fashion resale app eBay bought from Etsy for $1.4 billion in a deal that closed July 30. Depop's U.S. GMV, monthly active users and items sold all more than doubled year over year, and the acquisition added nearly three percentage points to eBay's currency-adjusted GMV growth.

The Fine Print Investors Are Reading

The quarter was not flawless, and the detailed coverage is making that clear too. GAAP net income fell 16% to $501 million, GAAP operating margin narrowed to 19.2% from 20.3%, and free cash flow slipped 7% to $749 million — less than the $827 million eBay returned to shareholders. Reported active buyers jumped 10% to 147 million, but that increase came from the Depop and Tise acquisitions; excluding them, buyers were 136 million, up just 1%.

eBay is also cutting costs to fund the pivot: sales and marketing spending rose 23% to $747 million as it invests behind Depop, while a separate October filing put the cost of its latest layoffs — about 9% of the workforce — at $130 million to $150 million, mostly landing in Q4.

What's Next

Guidance is the next test. For Q4 2026, eBay forecast revenue of $3.19 billion to $3.24 billion and GMV of $23.7 billion to $24.1 billion, with non-GAAP EPS of $1.48 to $1.53. Full-year guidance calls for revenue of $12.62 billion to $12.67 billion and GMV of $91.5 billion to $91.9 billion. The company also declared a $0.31 quarterly dividend, payable December 18 to shareholders of record on December 4, and still has about $1.3 billion of buyback authorization left after repurchasing roughly 6 million shares in Q3.

The open questions are whether Depop can keep doubling without swallowing core eBay traffic, whether competition from Vinted in U.S. fashion resale squeezes the combined platform, and whether organic buyer growth — not just acquired buyers — starts to accelerate. For now, though, the market's verdict on the quarter is clear: this is a beat, powered by a structural shift toward buying pre-loved.

Sources

FAQ

Why did eBay stock jump after earnings?

eBay beat estimates on revenue, GMV and earnings, with GMV up 15% to $23.2 billion — well above its own guidance — and shares rose about 6% in extended trading.

What were eBay's Q3 2026 earnings?

Revenue was $3.2 billion (up 14%), non-GAAP EPS was $1.51 versus a $1.43 consensus, and GAAP EPS was $1.11 on net income of $501 million.

How is Depop performing inside eBay?

Q3 was Depop's first quarter under eBay after the $1.4 billion acquisition from Etsy closed July 30; its U.S. GMV, monthly users and items sold all more than doubled year over year.

What did eBay guide for Q4 2026?

eBay guided Q4 revenue to $3.19–$3.24 billion, GMV to $23.7–$24.1 billion and non-GAAP EPS to $1.48–$1.53, and declared a $0.31 dividend payable December 18.